Prudential sells Korean life insurance business

FTSE 100 financial services group Prudential has agreed to sell its life insurance business in Korea, PCA Life Assurance, to Mirae Asset Life Insurance for £119m.

Prudential said the sale was consistent with its strategy of allocating its capital to markets where it is well positioned to generate attractive long-term returns for its shareholders.

The company said it remains committed to the Korean market through its Asian asset management business, Eastspring Investment.

“Prudential is well positioned in Asia, with top three positions in eight out of 12 life markets, and through Eastspring Investments, one of the region's largest asset managers,” it said.

At 0850 GMT, the shares were up 6.1% to 1,513p.